Investor Presentation
Reconciliation of Operating Income (Loss) to Adjusted
EBITDA by Segment
Pacific
Southern Northwest New Zealand
($ in millions)
Q1 2020
Operating Income (loss)
Depreciation, depletion & amortization
Timber
Timber
Timber
Real Estate
Trading
Corporate
and Other
Total
$15.1
18.2
($0.9)
10.7
$5.4
$26.8
($7.8)
$38.6
4.8
0.4
0.3
$34.4
Non-cash cost of land and real estate sold
0.4
$0.4
Costs related to the Merger with Pope Resources (1)
2.5
$2.5
Large Dispositions
(1)
(28.7)
($28.7)
Adjusted EBITDA
(1)
$33.3
$9.8
$10.2
($1.1)
($5.0)
$47.1
2019
Operating Income (loss)
$57.8
($12.4)
$48.0
$38.7
$0.0
($25.1)
$107.0
Depreciation, depletion & amortization
61.9
29.2
27.8
8.2
1.2
128.2
Non-cash cost of land and real estate sold
12.6
12.6
Adjusted EBITDA (1)
$119.7
$16.7
$75.8
$59.5
$0.0
($23.9)
$247.8
2018
Operating Income
$44.2
$8.1
$62.8
$76.2
$1.0
($22.3)
$170.1
Depreciation, depletion & amortization
58.6
32.8
28.0
23.6
1.2
144.1
Non-cash cost of land and real estate sold
Adjusted EBITDA (1)
23.6
23.6
$102.8
$40.9
$90.8
$123.4
$1.0
($21.1)
$337.7
2017
Operating Income
$42.2
$1.1
$57.6
$130.9
$4.6
($20.9)
$215.5
Depreciation, depletion & amortization
49.4
32.0
27.5
17.9
0.8
127.6
Non-cash cost of land and real estate sold
13.7
13.7
Costs related to shareholder litigation
(1)
0.7
0.7
Large Dispositions (1)
(67.0)
(67.0)
Adjusted EBITDA (1)
$91.6
$33.1
$85.1
$95.5
$4.6
($19.4)
$290.5
(1) Non-GAAP measure or pro forma item (see Appendix for definitions and reconciliations).
Rayonier
Investor Presentation | May 2020
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